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The Company has adopted the 2020 Callon Petroleum Company Omnibus Incentive Plan (the “Plan”), which by this reference is made a part hereof, for the benefit of eligible employees, directors and independent contractors of the Company and its Subsidiaries. Capitalized terms used and not otherwise defined herein shall have the meaning ascribed thereto in the Plan. The Committee has determined that it would be in the interest of the Company and its stockholders to grant the cash bonus award provided herein to the Grantee in order to provide Grantee with additional remuneration for services rendered, to encourage Grantee to remain in the employ of the Company or its Subsidiaries and to increase Grantee’s personal interest in the continued success and progress of the Company.

2.Amount of Quarterly Cash Incentive Award. Each Quarterly Cash Incentive Award shall be equal to [●]% (the “Applicable Percentage”) of the Levered Free Cash Flow Pool; provided that the aggregate amount of Quarterly Cash Incentive Awards payable hereunder to the Grantee shall not exceed the Aggregate Cap as set forth in Section 4(d). “Levered Free Cash Flow Pool,” with respect to each Performance Period, means _______________ percent (_____%) of the following: Adjusted EBITDA (excluding non-recurring items) minus the sum of operational capital (accrual basis), capitalized interest, capitalized cash G&A (excluding stock-based compensation), and interest expense. The Chairman of the Committee shall affirm the amount of the Levered Free Cash Flow Pool within five (5) business days following the filing of the quarterly financial statements with the Securities Exchange Commission for the applicable Performance Period (the “Calculation Date”) and such determination shall be binding and final. For the sake of clarity, if the Levered Free Cash Flow Pool is less than or equal to $0 for a certain Performance Period, the Grantee will not be eligible to receive a Quarterly Cash Incentive Award for such Performance Period.

(a)Death and Disability. In the event the Grantee’s employment with the Company is terminated as a result of the Grantee’s death or Disability (as defined below) prior to the occurrence of a Change in Control, the Grantee will receive the Quarterly Cash Incentive Award with respect to the Performance Period in which such termination occurred (the “Termination Period”) and any remaining Performance Periods. The amount of each such Quarterly Cash Incentive Award following the Termination Period shall be calculated in accordance with Section 2; provided that the Levered Free Cash Flow Pool in respect of each Performance Period to which the remaining Quarterly Cash Incentive Awards relate shall be deemed to be equal to the average of the Leverage Free Cash Flow Pools with respect to the Termination Period and each Performance Period completed prior to the Termination Date. Any such Remaining Quarterly Cash Incentive Awards shall be paid as soon as reasonably practicable (but no later than the second regularly scheduled payroll period) following the Calculation Date for the Termination Period.

(b)Change in Control Event. In the event of a Change in Control, the Grantee will receive the Quarterly Cash Incentive Award with respect to the Performance Period in which the consummation of such Change in Control occurred (the “CIC Period”) and any remaining Performance Periods, subject to the Grantee’s continued employment as described below. The amount of each such Quarterly Cash Incentive Award shall be calculated in accordance with Section 2; provided that the Levered Free Cash Flow Pool in respect of the CIC Period and any remaining Performance Periods following the CIC Period shall be deemed to be equal to the average of the Levered Free Cash Flow Pool with respect to each Performance Period completed prior to the CIC Period (or, in the event only one Performance Period was completed prior to the CIC Period, equal to Leverage Free Cash Flow Pool with respect to such prior Performance Period). With respect to each remaining Quarterly Cash Incentive Award, such Quarterly Cash Incentive Award shall be paid as soon as reasonably practicable (but no later than the second regularly scheduled payroll period) following the end of the applicable Performance Period to which such Quarterly Cash Incentive Award relates subject to Grantee’s continued employment with the Company or a Subsidiary through the end of the applicable Performance Period; provided that in the event the Grantee’s employment is terminated by the Company without Cause (as defined below), as a result of the Grantee’s death or Disability, or by the Grantee for Good Reason within the two-year period immediately following the effective date of such Change in Control (a “Qualified Termination”), payment of the Quarterly Cash Incentive Award in respect of the CIC Period and any Performance Period following the CIC Period shall be accelerated, such that any remaining Quarterly Cash Incentive Awards will be paid as soon as practicable (but no later than the second regularly scheduled payroll period) following the Qualified Termination.

(i) For purposes hereof, “Cause” is defined as: (i) the conviction of the Grantee by a court of competent jurisdiction as to which no further appeal can be taken of a crime involving moral turpitude or a felony or entering the plea of nolo contendere to such crime by the Grantee; (ii) the commission by the Grantee of a material act of fraud upon the Company, any Subsidiary or Affiliate; (iii) the material misappropriation by the Grantee of any funds or other property of the Company, any Subsidiary or Affiliate; (iv) the knowing engagement by the Grantee without the written approval of the Board of Directors of the Company, in any material activity which directly competes with the business of the Company, any Subsidiary or Affiliate, or which would directly result in material injury to the business or reputation of the Company or any Subsidiary or Affiliate; (v)(1) a material breach by the Grantee during the Grantee’s employment with the Company of any of the restrictive covenants set out in the Grantee’s employment agreement with the Company, if applicable, or (2) the willful and material nonperformance of the Grantee’s duties to the Company or any Subsidiary or Affiliate (other than by reason of the Grantee’s illness or incapacity), and, for purposes of this clause (v), no act or failure to act on Grantee’s part shall be deemed “willful” unless it is done or omitted by the Grantee not in good faith and without his reasonable belief that such action or omission was in the best interest of the Company, (vi) any breach of the Grantee’s fiduciary duties to the Company, including, without limitation, the duties of care, loyalty and obedience to the law; and (vii) the intentional failure of the Grantee to comply with the Company’s Code of Business Conduct and Ethics, or to otherwise discharge his duties in good faith and in a manner that the Grantee reasonably believes to be in the best interests of the Company, and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.

(d)Other Arrangements. The Carrizo Oil & Gas, Inc. Change in Control Severance Plan (as may be amended from time to time) (the “Carrizo CIC Plan”), and any other potential rights to equity acceleration benefits in connection with a termination of employment set forth in any agreement (other than this Agreement) between the Grantee and Carrizo Oil and Gas, Inc. (“Carrizo”), the Company, or a Subsidiary of Callon or otherwise (the “Other Acceleration

Benefits”) shall not apply to the Quarterly Cash Incentive Award granted hereunder. As a condition of receiving this Award, the Grantee hereby expressly acknowledges and agrees that, notwithstanding anything set forth in the Carrizo CIC Plan to the contrary, the Change in Control Benefits (as defined in the Carrizo CIC Plan), the Severance Benefits (as set forth in Section 3.02(e)(3) of the Carrizo CIC Plan), and the Other Acceleration Benefits shall not apply to the Quarterly Cash Incentive Award granted hereunder, and hereby waives any right to any equity acceleration benefits provided for under the Carrizo CIC Plan or the Other Acceleration Benefits with respect to this Quarterly Cash Incentive Award. The Grantee further acknowledges and agrees that the Quarterly Cash Incentive Award shall not constitute a “bonus” (or similar term) for purposes of any other plan or agreement between the Grantee and Carrizo or the Company (or a subsidiary thereof), including, for the avoidance of doubt, for purposes of calculating severance benefits under any such agreement or plan.

5.Clawback Policy. The Grantee hereby acknowledges and agrees that all rights with respect to the Quarterly Cash Incentive Award are subject to the Company’s Clawback Policy, as may be in effect from time to time. The Grantee further acknowledges and agrees that the Quarterly Cash Incentive Award and amounts received with respect to the Quarterly Cash Incentive Award are subject to recoupment pursuant to the terms of the Company Clawback Policy.

Any notice or other communication to the Grantee with respect to this Agreement shall be in writing and shall be delivered personally, and (i) shall be sent by first class mail, postage prepaid, to Grantee’s address as listed in the records of the Company on the Effective Date, unless the Company has received written notification from the Grantee of a change of address, or (ii) shall be sent to the Grantee’s e-mail address specified in the Company’s records.

8.Grantee Employment. Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, shall confer or be construed to confer on the Grantee any right to continue in the employ of the Company or interfere in any way with the right of the Company to terminate the Grantee’s employment at any time, with or without cause; subject, however, to the provisions of the Grantee’s employment agreement, if applicable.

9.Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware. Any suit, action or other legal proceeding arising out of this Agreement shall be brought in the United States District Court for the Southern District of Texas, Houston Division, or, if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Harris County, Texas. Each of the Grantee and the Company consents to the jurisdiction of any such court in any such suit, action, or proceeding and waives any objection that it may have to the laying of venue of any such suit, action, or proceeding in any such court.

10.Construction. References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder” and similar terms include all exhibits and schedules appended hereto, including the Plan. This Agreement is entered into, and the Award evidenced hereby is granted, pursuant to the Plan and shall be governed by and construed in accordance with the Plan and the administrative interpretations adopted by the Committee hereunder. All decisions of the Committee upon questions regarding this the Plan or this Agreement shall be conclusive. Unless otherwise expressly stated herein, the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan shall control. The headings of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.

11.Code Section 409A. The Quarterly Cash Incentive Award granted under this Agreement is designed to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended from time to time (the “Code”) and the related Treasury Regulations thereunder and the provisions of this Agreement will be administered, interpreted and construed accordingly (or disregarded to the extent such provision cannot be so administered, interpreted, or construed). If the Grantee is identified by the Company as a “specified employee” within the

meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Grantee has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any amount payable or settled under this Agreement on account of a separation from service that is deferred compensation subject to Section 409A of the Code shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Grantee’s separation from service, (2) the date of the Grantee’s death, or (3) such earlier date as complies with the requirements of Section 409A of the Code.

12.Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if the Grantee is a “disqualified individual” (as defined in Code Section 280G(c)), and the payments and benefits provided for under this Agreement, together with any other payments and benefits which the Grantee has the right to receive from the Company or any of its affiliates or any party to a transaction with the Company or any of its affiliates, would constitute a “parachute payment” (as defined in Code Section 280G(b)(2)), then the payments and benefits provided for under this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by the Grantee from the Company and its affiliates will be one dollar ($1.00) less than three times the Grantee’s “base amount” (as defined in Code Section 280G(b)(3)) and so that no portion of such amounts and benefits received by the Grantee shall be subject to the excise tax imposed by Code Section 4999 or (b) paid in full, whichever produces the better net after-tax position to the Grantee (taking into account any applicable excise tax under Code Section 4999 and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing payments or benefits to be paid hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time). The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by a nationally recognized accounting firm selected by the Company. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times the Grantee’s base amount, then the Grantee shall immediately repay such excess to the Company upon notification that an overpayment has been made.